FINANCE (ADMN. III) DEPARTMENT
G.O.M.s.No. 110 Date:21.07.2018
Read the following:
1. G.O.Ms.No.76, Finance (Admn.II)
Department, dt. 4.4.2014.
2. E.file.No.8/Genl/2018, dt: 03.05.2018 received
from the Director of APGLI Department.
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ORDER:
In the reference 1st
read above, orders were issued declaring the bonus for the triennium from
01-04-2008 to 31-03-2011.
2. In
the reference 2nd read above, the Director of Insurance in his
letter has proposed for declaration of bonus for the triennium from 1.4.2011 to
1.6.2014 based on the report of the Actuary.
3. After
considering the report of the Actuary, and the recommendations of the Director
of Insurance, on the results of Valuation of Andhra Pradesh Government Life
Insurance Fund for the period from 1.4.2011 to 1.6.2014, Government hereby
permit the Director of Insurance to declare the following bonus.
a.
A simple reversionary Bonus of Rs. 100/- per thousand sum assured per annum be
allotted for each full month, during which the policies were in force between
01.04.2011 to 1.6.2014, in respect of policies which were in force on 1.6.2014.
However, such of these policies which resulted into claim by death or maturity
on or after the declaration of previous valuation results (for the triennium
01.04.2008 to 31.03.2011) and before the present valuation results are
declared, are not allowed any bonus now as they were settled on the basis of
interim bonus at the rates recommended in the previous valuation report.
b.
In respect of policies which become claims by death or maturity on or after the
date of declaration of present valuation results and before the next valuation
results are declared, interim bonus be allotted for each full month for which
such policy is in force during the period from 02.06.2014 to the date of death
or end of the policy as the case may be, at the rate of Rs. 100/- per thousand
sum assured per annum. In respect of policies surrendered during the above
period, interim bonus is paid provided the policy is in force on the next
valuation date also i.e., interim bonus is not paid for the broken period of a
valuation triennium.
4. The
above bonus rates shall be applicable to the claims arisen on or after the date
of issue of this order.
5. The
Director of Insurance, A.P., Ibrahimpatnam shall take necessary action in the
matter accordingly.